Shana77, Other/Just Looking in 33317

Foreclosure / Loan Modification

Asked by Shana77, 33317 Thu Nov 12, 2009

We were served with a foreclosure complaint last week. Prior to this our lender had qualifed us for the Making Home Affordable plan. When we got the lawsuit we called the bank's lawyers and asked for the total amount for reinstatement which we later received. They are charging $6000 in fees on top of the missed months. When we called, they asked us to fax them a proposal. We offered to pay for the missed months but not the fees. The next day we received a package requesting documents and giving us 3 months of trial payments. We don't think the bank and the attorneys are communicating on this and we don't know what to do. We don't want to lose our house. We'd like to reinstate the mortgage (we'd borrow the money) and still try for the modification. Is this possible? We're afraid to just go for the loan mod and then not get it for some reason and then we'll be in a worse position than we are now. Does anyone have any suggestions as to what our best course of action would be?

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2
PaulMolinaro…, , Corona, CA
Sat Feb 12, 2011
If you get offered a trial loan modification, be careful... lenders have figured out a new way to game the system... take money from Uncle Sam by promising to use that money to modify loans... get money from the borrower during a trial modification... deny the permanent modification... and sell the property... consult with a local attorney in your state to see about suing if you "pass the test" of a trial loan modification does not turn into a permanent one

- Paul

Paul J. Molinaro, M.D., J.D.
Attorney at Law, Physician, Broker
Fransen&Molinaro;, LLP
980 Montecito Drive, Suite 206
Corona, CA 92879
(951)520-9684

** This post and all others I make on Internet are for informational purposes only. None of the information or materials I post are legal advice. Nothing I post as comments, answers, or other communications should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. While I try to be accurate, I do not guarantee accuracy.
Web Reference:  http://www.loanlaw.net
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Sean Dawes, , Philadelphia, PA
Thu Nov 12, 2009
It seems you are in a sticky situation and when there are some legal implications as you said communication errors it is best to consult a real estate attorney.

I just had a client who hired a real estate attorney who dealt with the banks attorneys to resolve a situation. Sometimes it is just out of the hands of a realtors reach.


Sean Dawes
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